Question

If you invest $823 at an interest rate of 3% how much money will you have after nine years

Answer 1

Answer:

The total money received after 9 years  is $1045 .21.

Step-by-step explanation:

The Principal amount invested = $823

Rate of interest = 3%

The time interval = 9 years

Now, SIMPLE INTEREST  = $\frac{P \times R \times T}{100}$

So, here SI = $\frac{823 \times 3 \times 9}{100} = 222.21$

or, Simple Interest  = $222.21

Now,as we know AMOUNT = PRINCIPAL + SIMPLE INTEREST

So, A = $823 + $222.21

         = $1045 .21

Hence, the total money received after 9 years  is $1045 .21.